Ecclestone's personal fortune is valued at �2.2 billion

QPR have not been in the top-flight since they were relegated in 1996.

Ecclestone and multi-millionaire Flavio Briatore, who is the Renault F1 boss, had their offer to buy the Championship outfit recommended by the club's board.

The duo have paid �1m for the Loftus Road team and will also clear the west London club's �13m debt.

Asked how long it might take to set Rangers promoted, Briatore told BBC London 94.9: "You set a target and when we take over we're talking about four years' time. If it happens earlier, it happens earlier.

"You need a strong base and the moment you arrive in the Premier League you stay there."

QPR have the potential to be at the top again Flavio Briatore

He added: "When we started at Benetton (now Renault), we said we wanted to win the championship in five years. Afterwards, we had our champion in three years."

Ecclestone has a personal fortune which is valued at �2.2bn.

He had been linked with launching a bid for Premiership side Arsenal earlier this summer.

However, Briatore claimed he became interested in Rangers "a long time ago" and insists he and Ecclestone are not buying the club simply to make a profit selling it on.

"We take it to keep it," he said. "It's not a real estate investment, it's a sport investment."

He added: "QPR have the potential to be at the top again.

"It's a great team, a great club. They have a lot of fans who support the club.